医药商业行业跟踪报告：线下药店9月月报：行业在政策承压下尚处修复阶段，关注企业经营基本面改善-20251013

Investment Rating - The industry investment rating is "Outperform the Market" [4][36]. Core Insights - The offline pharmacy sector is currently under pressure from healthcare policies and is in a recovery phase, with a focus on improving individual store operational efficiency, which is beneficial for long-term industry health [2][28]. - The offline pharmacy index has seen a decline of 1.70% in September, underperforming the broader market, primarily due to concerns over patient traffic and healthcare revenue loss amid stringent healthcare funding regulations [7][28]. - The valuation of the offline pharmacy sector is at a historical low, with a price-to-earnings ratio of 23.01 as of October 10, 2025, indicating a significant drop from previous years [23][28]. Summary by Sections Market Review - In September, the pharmaceutical sector underperformed the market, with the pharmaceutical index down by 1.71% [11]. - The offline pharmacy sector's performance was notably weak, with a decline of 1.70% compared to other sub-sectors [16]. - Most listed companies in the offline pharmacy sector saw their stock prices drop in September, with significant declines in companies like Huaren Health and Shuyupingmin [21]. Monthly Insights on Offline Pharmacies - The offline pharmacy sector has been underperforming since the second half of 2024 due to ongoing pressure from healthcare policies and concerns about revenue loss [28]. - The long-term trend of prescription outflow remains unchanged, which is expected to drive the growth of the pharmacy sector [28]. - Leading pharmacies are well-positioned to benefit from prescription outflow due to their strong service capabilities and supply chain systems [28]. Valuation Analysis - As of October 10, 2025, the offline pharmacy index's price-to-earnings ratio is at a five-year low, reflecting a significant decline in market confidence [23][28].